The Financial Services Commission (FSC) said in a statement that the ban will cover “all forms of initial coin offerings regardless of using a certain technology or a certain name,” citing the risks of scams are growing in the sector, according to Yonhap. The FSC also said it will step up crackdowns against any illegal trading in cryptocurrency, Yonhap noted.

South Korea’s move follows a wave of global regulations against the crypto-token frenzy worldwide. Earlier this month, Chinese regulators announced it would ban all ICOs, and later called for domestic crypto exchanges to halt all trading services for Chinese customers. Australia just released its own guidelines for businesses considering raising funds through ICOs. The US securities regulator has signaled greater scrutinyof ICOs, but stopped short of suggesting a wider crackdown.